The state of Pennsylvania is investing $5 million in Fidelity Bank’s headquarters expansion in downtown Scranton through the Redevelopment Assistance Capital Program (RACP).
The funding will support Fidelity Bank’s efforts to revitalize the historic Scranton Electric Building as its new headquarters, bringing 165 jobs to downtown Scranton and restoring a historic landmark.
“My Administration is focused on driving economic growth and creating real opportunity here in Pennsylvania — giving more people the freedom to chart their own course and the opportunity to succeed,” Pennsylvania Gov. Josh Shapiro said. “By supporting Fidelity Bank’s expansion here in the heart of Scranton, we’re fueling private-sector growth, helping revitalize one of our great downtowns, and creating more economic opportunity for folks who want to live, work and build their future here. Pennsylvania is open for business, and I’ll continue to bring people together to spur economic development, create jobs, and drive innovation all across our Commonwealth.”
The $5 million grant is part of a larger $600 million commitment by the Shapiro Administration to support over 400 projects that drive economic development across Pennsylvania. The Administration has also streamlined the RACP application process to make it easier for businesses to access funding for projects.
Fidelity Bank’s $26 million renovation of the Scranton Electric Building will include exterior and roof repairs, interior updates, and significant mechanical and electrical upgrades. This new $5 million RACP is on top of $4 million allocated previously for this funding.
“We’re truly honored to receive this vital state funding and extend our sincere gratitude to Governor Shapiro for his dedication to revitalizing communities like ours,” Daniel Santaniello, president and CEO of Fidelity Bank, said. “This support empowers us to proceed with restoring a building that holds deep significance for the city of Scranton. This project represents more than construction — it’s about creating jobs, strengthening our regional economy, and breathing new life into downtown. We’re privileged to contribute to an effort that will leave a lasting impact on the heart of our community.”
The restoration is slated for completion by mid-2026.
“We’re getting things done — lots of things done — and that’s because of our Governor, our delegation, and our county commissioners. We’re especially grateful to Fidelity for sticking with this project,” Scranton Mayor Paige Cognetti said. “We started working on these RACP grants within my first two weeks in office, and today’s commitment ensures this project will happen. The Scranton Electric Building is truly the linchpin. We see incredible investment and ribbon-cuttings with our small businesses, but culturally and emotionally, Scranton isn’t quite where it could be without this building’s revitalization. With this project, we are truly on the right track.”